A Question of Value: Valuing Real Estate in the Metaverse
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The concept of the metaverse has taken on various forms and enjoyed various degrees of popularity and scepticism since its inception. Burgeoning interest saw millions of dollars invested in metaverse assets.
Established, recognisable brands such as Facebook rebranded to pursue ambitions in the space. Meanwhile, some critics labelled it as risky and fleeting. In the last year alone, industry commentators have voiced a range of opinions: the metaverse now resides in the ‘tech graveyard’ … but the dawn of generative artificial intelligence (AI) will only accelerate adoption of the metaverse. Variations exist between regions and markets, with metaverse platforms performing strongly in some Asian locations, notably Japan and South Korea, while interest has cooled in the West.
The question of value as it relates to decentralised assets is thorny. How do broadly accepted valuation principles apply in the metaverse? How might valuations be approached in this burgeoning universe? How might it function as an economy?
This paper aims to consider such questions by delving into metaverse implementations through the lens of established legal and economic concepts.
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